Mortgage payment estimates, closing cost breakdowns, and homebuying data for Franklin, Tennessee.
Median Home Price
$625K
Population
83K
Avg Monthly Rent
$2,050
Property Tax Rate
0.56% *
* Property tax shown is the Tennessee state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Franklin.
Franklin vs Tennessee Median
The median home price in Franklin is $625,000, which is 84% above the Tennessee state median of $340,000.
Mortgage Calculator — Franklin, TN
Pre-filled with Franklin median home price and Tennessee tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $625K home using Tennessee's 0.56% tax rate and $2,400/yr insurance.
5% Down
$4,591/mo
Down: $31,250
Loan: $594K
P&I: $3,753
Tax: $292
Insurance: $200
PMI: $346
10% Down
$4,375/mo
Down: $62,500
Loan: $563K
P&I: $3,555
Tax: $292
Insurance: $200
PMI: $328
20% Down (No PMI)
$3,652/mo
Down: $125,000
Loan: $500K
P&I: $3,160
Tax: $292
Insurance: $200
Income needed (28% rule): $157K/year with 20% down, $188K/year with 10% down.
Rent vs Buy in Franklin
Rent
$2,050/mo
vs
Buy (10% down)
$4,375/mo
Price-to-rent ratio: 25.4 — At a ratio above 20, renting may be more economical in Franklin for shorter stays. Buying costs $2,325 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Franklin is $625,000, 84% above the Tennessee state median of $340,000. With a population of 83,454, Franklin is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in Tennessee average 0.56% annually. This low property tax rate is a significant advantage for Franklin buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in Tennessee runs approximately $2,400 per year. This is within the normal range nationally.
Average rent in Franklin is $2,050/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Franklin is a higher-cost market. At $625K median, buyers need significant savings or strong income. Down payment assistance through Tennessee's THDA Great Choice Home Loan program becomes especially important.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Franklin.